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LIVE OAK LAKECOMMUNITY DEVELOPMENT DISTRICT
OSCEOLA COUNTY, FLORIDAFINANCIAL REPORT
FOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015 TOSEPTEMBER 30, 2016
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA COUNTY, FLORIDA
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TABLE OF CONTENTS
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GOVERNMENT AUDITING STANDARDS 34.35!
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INDEPENDENT AUDITOR’S REPORT!!Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Quegqnc!Eqwpv{-!Hnqtkfc!!!Report on the Financial Statements!Yg!jcxg!cwfkvgf!vjg!ceeqorcp{kpi!hkpcpekcn!uvcvgogpvu!qh!vjg!iqxgtpogpvcn!cevkxkvkgu!cpf!gcej!oclqt!hwpf!qh!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!Eqwpv{-!Hnqtkfc!)#Fkuvtkev#*!cu!qh!cpf!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127-!cpf!vjg!tgncvgf!pqvgu!vq!vjg!hkpcpekcn!uvcvgogpvu-!yjkej!eqnngevkxgn{!eqortkug!vjg!Fkuvtkev�u!dcuke!hkpcpekcn!uvcvgogpvu!cu!nkuvgf!kp!vjg!vcdng!qh!eqpvgpvu/!!!Management’s Responsibility for the Financial Statements
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Auditor’s Responsibility
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3!
Other Matters
Required Supplementary Information
Ceeqwpvkpi!rtkpekrngu!igpgtcnn{!ceegrvgf!kp!vjg!Wpkvgf!Uvcvgu!qh!Cogtkec!tgswktg!vjcv!vjg!ocpcigogpv�u!fkuewuukqp!cpf!cpcn{uku!cpf!dwfigvct{!eqorctkuqp!kphqtocvkqp!dg!rtgugpvgf!vq!uwrrngogpv!vjg!dcuke!hkpcpekcn!uvcvgogpvu/! Uwej! kphqtocvkqp-! cnvjqwij! pqv! c! rctv! qh! vjg! dcuke! hkpcpekcn! uvcvgogpvu-! ku! tgswktgf! d{! vjg!Iqxgtpogpvcn!Ceeqwpvkpi!Uvcpfctfu!Dqctf-!yjq!eqpukfgtu!kv!vq!dg!cp!guugpvkcn!rctv!qh!hkpcpekcn!tgrqtvkpi!hqt!rncekpi!vjg!dcuke!hkpcpekcn!uvcvgogpvu!kp!cp!crrtqrtkcvg!qrgtcvkqpcn-!geqpqoke-!qt!jkuvqtkecn!eqpvgzv/!Yg!jcxg!crrnkgf!egtvckp!nkokvgf!rtqegfwtgu!vq!vjg!tgswktgf!uwrrngogpvct{!kphqtocvkqp!kp!ceeqtfcpeg!ykvj!cwfkvkpi!uvcpfctfu!igpgtcnn{!ceegrvgf!kp!vjg!Wpkvgf!Uvcvgu!qh!Cogtkec-!yjkej!eqpukuvgf!qh!kpswktkgu!qh!ocpcigogpv!cdqwv! vjg! ogvjqfu! qh! rtgrctkpi! vjg! kphqtocvkqp! cpf! eqorctkpi! vjg! kphqtocvkqp! hqt! eqpukuvgpe{! ykvj!ocpcigogpv�u!tgurqpugu!vq!qwt!kpswktkgu-!vjg!dcuke!hkpcpekcn!uvcvgogpvu-!cpf!qvjgt!mpqyngfig!yg!qdvckpgf!fwtkpi!qwt!cwfkv!qh!vjg!dcuke!hkpcpekcn!uvcvgogpvu/!Yg!fq!pqv!gzrtguu!cp!qrkpkqp!qt!rtqxkfg!cp{!cuuwtcpeg!qp!vjg! kphqtocvkqp!dgecwug! vjg! nkokvgf!rtqegfwtgu!fq!pqv!rtqxkfg!wu!ykvj!uwhhkekgpv!gxkfgpeg!vq!gzrtguu!cp!qrkpkqp!qt!rtqxkfg!cp{!cuuwtcpeg/!!Other Reporting Required by Government Auditing Standards!Kp!ceeqtfcpeg!ykvj!Government Auditing Standards-!yg!jcxg!cnuq!kuuwgf!qwt!tgrqtv!fcvgf!Lwpg!38-!3128!qp!qwt!eqpukfgtcvkqp!qh!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn!qxgt!hkpcpekcn!tgrqtvkpi!cpf!qp!qwt!vguvu!qh!kvu!eqornkcpeg!ykvj!egtvckp!rtqxkukqpu!qh!ncyu-!tgiwncvkqpu-!eqpvtcevu-!itcpv!citggogpvu!cpf!qvjgt!ocvvgtu/!Vjg!rwtrqug!qh!vjcv!tgrqtv!ku!vq!fguetkdg!vjg!ueqrg!qh!qwt!vguvkpi!qh!kpvgtpcn!eqpvtqn!qxgt!hkpcpekcn!tgrqtvkpi!cpf!eqornkcpeg!cpf!vjg!tguwnvu!qh!vjcv!vguvkpi-!cpf!pqv!vq!rtqxkfg!cp!qrkpkqp!qp!kpvgtpcn!eqpvtqn!qxgt!hkpcpekcn!tgrqtvkpi!qt!qp!eqornkcpeg/!Vjcv!tgrqtv!ku!cp!kpvgitcn!rctv!qh!cp!cwfkv!rgthqtogf!kp!ceeqtfcpeg!ykvj!Government AuditingStandards!kp!eqpukfgtkpi!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn!qxgt!hkpcpekcn!tgrqtvkpi!cpf!eqornkcpeg/!
Report on Other Legal and Regulatory Requirements
Yg!jcxg!cnuq!kuuwgf!qwt!tgrqtv!fcvgf!Lwpg!38-!3128-!qp!qwt!eqpukfgtcvkqp!qh!vjg!Fkuvtkev�u!eqornkcpeg!ykvj!vjg!tgswktgogpvu!qh!Ugevkqp!329/526-!Hnqtkfc!Uvcvwvgu-!cu!tgswktgf!d{!Twng!21/667)21*!qh!vjg!Cwfkvqt!Igpgtcn!qh!vjg!Uvcvg!qh!Hnqtkfc/!Vjg!rwtrqug!qh!vjcv!tgrqtv!ku!vq!rtqxkfg!cp!qrkpkqp!dcugf!qp!qwt!gzcokpcvkqp!eqpfwevgf!kp!ceeqtfcpeg!ykvj!cvvguvcvkqp!uvcpfctfu!guvcdnkujgf!d{!vjg!Cogtkecp!Kpuvkvwvg!qh!Egtvkhkgf!Rwdnke!Ceeqwpvcpvu/!
!!Lwpg!38-!3128!!!
#
4!
MANAGEMENT’S DISCUSSION AND ANALYSIS!Qwt!fkuewuukqp!cpf!cpcn{uku!qh!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!Eqwpv{-!Hnqtkfc!)�Fkuvtkev�*! rtqxkfgu!c!pcttcvkxg!qxgtxkgy!qh! vjg!Fkuvtkev�u! hkpcpekcn!cevkxkvkgu! hqt! vjg!rgtkqf! htqo! kpegrvkqp!Qevqdgt! 24-! 3126! vq! Ugrvgodgt! 41-! 3127/! Rngcug! tgcf! kv! kp! eqplwpevkqp! ykvj! vjg! Fkuvtkev�u! Kpfgrgpfgpv!Cwfkvqt�u!Tgrqtv-!dcuke!hkpcpekcn!uvcvgogpvu-!ceeqorcp{kpi!pqvgu!cpf!uwrrngogpvct{!kphqtocvkqp!vq!vjg!dcuke!hkpcpekcn!uvcvgogpvu/!!Vjku!kphqtocvkqp!ku!dgkpi!rtgugpvgf!vq!rtqxkfg!cffkvkqpcn!kphqtocvkqp!tgictfkpi!vjg!cevkxkvkgu!qh!vjg!Fkuvtkev!cpf!vq!oggv!vjg!fkuenquwtg!tgswktgogpvu!qh!Iqxgtpogpv!Ceeqwpvkpi!Uvcpfctfu!Dqctf!Uvcvgogpv!)�ICUD�*!Pq/!45-!Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments!kuuwgf!Lwpg!2;;;/!!Eqorctcvkxg!kphqtocvkqp!dgvyggp!vjg!ewttgpv!{gct!cpf!vjg!rtkqt!{gct!ku!tgswktgf!vq!dg!rtgugpvgf!kp!vjg!Ocpcigogpv�u!Fkuewuukqp!cpf!Cpcn{uku!)�OF'C�*/!!Jqygxgt-!dgecwug!vjku!ku!vjg!hktuv!{gct!qh!qrgtcvkqpu!qh!vjg!Fkuvtkev-!eqorctcvkxg!kphqtocvkqp!ku!gzenwfgf!kp!vjku!tgrqtv/!!Uwdugswgpv!tgrqtvu!yknn!kpenwfg!vjg!eqorctcvkxg!kphqtocvkqp/!!HKPCPEKCN!JKIJNKIJVU!!
"! Vjg!nkcdknkvkgu!qh!vjg!Fkuvtkev!gzeggfgf!kvu!cuugvu!cv!vjg!enqug!qh!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127!tguwnvkpi!kp!c!pgv!rqukvkqp!fghkekv!dcncpeg!qh!)%72;-783*/!!!!
"! Vjg!ejcpig!kp!vjg!Fkuvtkev�u!vqvcn!pgv!rqukvkqp!kp!eqorctkuqp!ykvj!vjg!rtkqt!hkuecn!{gct!ycu!)%72;-783*!c!fgetgcug/!!Vjg!mg{!eqorqpgpvu!qh!vjg!Fkuvtkev�u!pgv!rqukvkqp!cpf!ejcpig!kp!pgv!rqukvkqp!ctg!tghngevgf!kp!vjg!vcdng!kp!vjg!iqxgtpogpv.ykfg!hkpcpekcn!cpcn{uku!ugevkqp/!!
"! Cv!Ugrvgodgt!41-!3127-!vjg!Fkuvtkev�u!iqxgtpogpvcn!hwpfu!tgrqtvgf!eqodkpgf!gpfkpi!hwpf!dcncpegu!qh!%7-772-453-!cp!kpetgcug!qh!%7-772-453!htqo!kpegrvkqp!qp!Qevqdgt!24-!3126/!!Vjg!vqvcn!hwpf!dcncpeg!ku!tguvtkevgf!hqt!fgdv!ugtxkeg!cpf!ecrkvcn!rtqlgevu!cpf!vjg!tgockpfgt!ku!wpcuukipgf!hwpf!dcncpeg!yjkej!ku!cxckncdng!hqt!urgpfkpi!cv!vjg!Fkuvtkev�u!fkuetgvkqp/!!
"! Fwtkpi! hkuecn! {gct! 3127-! vjg! Fkuvtkev! korngogpvgf! Iqxgtpogpvcn! Ceeqwpvkpi! Uvcpfctfu! Dqctf!)�ICUD�*!Uvcvgogpv!Pq/!83-!Fair Value Measurement and Application, ICUD!Uvcvgogpv!Pq/!87-!TheHierarchy of Generally Accepted Accounting Principles for State and Local Governments, cpf ICUD!Uvcvgogpv! Pq/! 8;-! Certain External Investment Pools and Pool Participants. Rngcug! ugg! Pgy!Ceeqwpvkpi!Uvcpfctfu!Cfqrvgf!kp!Pqvg!3!qh!vjg!hkpcpekcn!uvcvgogpvu!hqt!cffkvkqpcn!kphqtocvkqp/!!
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5!
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21!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
RECONCILIATION OF THE BALANCE SHEET –GOVERMENTAL FUNDS TO THE STATEMENTS OF NET POSITION
SEPTEMBER 30, 2016
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22!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDSFOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015
TO SEPTEMBER 30, 2016
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23!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015TO SEPTEMBER 30, 2016
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!!!!!!!!!!!!!!!!!!!!!!!!!!
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24!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY!!Vjg! Nkxg! Qcm! Ncmg! Eqoowpkv{! Fgxgnqrogpv! Fkuvtkev! )#Fkuvtkev#*! ycu! guvcdnkujgf! qp! Qevqdgt! 24-! 3126-!rwtuwcpv!vq!vjg!Wpkhqto!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Cev!qh!2;91-!qvjgtykug!mpqyp!cu!Ejcrvgt!2;1-!Hnqtkfc! Uvcvwvgu-! d{! Quegqnc! Eqwpv{! Qtfkpcpeg! 3126.74-! cu! cogpfgf! d{! Qtfkpcpeg! 3127.31/! Vjg! Cev!rtqxkfgu!coqpi!qvjgt!vjkpiu-!vjg!rqygt!vq!ocpcig!dcuke!ugtxkegu!hqt!eqoowpkv{!fgxgnqrogpv-!rqygt!vq!dqttqy!oqpg{!cpf!kuuwg!dqpfu-!cpf!vq!ngx{!cpf!cuuguu!pqp.cf!xcnqtgo!cuuguuogpvu!hqt!vjg!hkpcpekpi!cpf!fgnkxgt{!qh!ecrkvcn!kphtcuvtwevwtg/!!Vjg! Fkuvtkev! ycu! guvcdnkujgf! hqt! vjg! rwtrqugu! qh! hkpcpekpi! cpf! ocpcikpi! vjg! ceswkukvkqp-! eqpuvtwevkqp-!ockpvgpcpeg!cpf!qrgtcvkqp!qh!c!rqtvkqp!qh!vjg!kphtcuvtwevwtg!pgeguuct{!hqt!eqoowpkv{!fgxgnqrogpv!ykvjkp!vjg!Fkuvtkev/!!Vjg!Fkuvtkev!ku!iqxgtpgf!d{!vjg!Dqctf!qh!Uwrgtxkuqtu!)#Dqctf#*-!yjkej!ku!eqorqugf!qh!hkxg!ogodgtu/!!Vjg!Uwrgtxkuqtu!ctg!gngevgf!qp!cp!cv!nctig!dcuku!d{!vjg!qypgtu!qh!vjg!rtqrgtv{!ykvjkp!vjg!Fkuvtkev/!Qypgtujkr!qh!ncpf!ykvjkp!vjg!Fkuvtkev!gpvkvngu!vjg!qypgt!vq!qpg!xqvg!rgt!cetg!ykvj!htcevkqpu!vjgtgqh!tqwpfgf!wryctf!vq!vjg!pgctguv!yjqng!pwodgt/!Vjg!Dqctf!qh!Uwrgtxkuqtu!qh!vjg!Fkuvtkev!gzgtekug!cnn!rqygtu!itcpvgf!vq!vjg!Fkuvtkev!rwtuwcpv!vq!Ejcrvgt!2;1-!Hnqtkfc!Uvcvwvgu/!Cv!Ugrvgodgt!41-!3127-!vyq!qh!vjg!Dqctf!ogodgtu!ctg!chhknkcvgf!ykvj!Pcteqquugg!Ncpf!Xgpvwtgu-!NNE!)�Fgxgnqrgt�*/!!!!Vjg!Dqctf!jcu!vjg!hkpcn!tgurqpukdknkv{!hqt<!!2/! !!Cuuguukpi!cpf!ngx{kpi!cuuguuogpvu/!3/! Crrtqxkpi!dwfigvu/!4/! Gzgtekukpi!eqpvtqn!qxgt!hceknkvkgu!cpf!rtqrgtvkgu/!5/! Eqpvtqnnkpi!vjg!wug!qh!hwpfu!igpgtcvgf!d{!vjg!Fkuvtkev/!6/! Crrtqxkpi!vjg!jktkpi!cpf!hktkpi!qh!mg{!rgtuqppgn/!7/! Hkpcpekpi!kortqxgogpvu/!!Vjg! hkpcpekcn! uvcvgogpvu!ygtg!rtgrctgf! kp!ceeqtfcpeg!ykvj!Iqxgtpogpvcn!Ceeqwpvkpi!Uvcpfctfu!Dqctf!)�ICUD�*!Uvcvgogpvu/!!Wpfgt!vjg!rtqxkukqpu!qh!vjqug!uvcpfctfu-!vjg!hkpcpekcn!tgrqtvkpi!gpvkv{!eqpukuvu!qh!vjg!rtkoct{!iqxgtpogpv-!qticpk|cvkqpu!hqt!yjkej!vjg!Fkuvtkev!ku!eqpukfgtgf!vq!dg!hkpcpekcnn{!ceeqwpvcdng-!cpf!qvjgt!qticpk|cvkqpu! hqt!yjkej! vjg!pcvwtg!cpf!ukipkhkecpeg!qh! vjgkt! tgncvkqpujkr!ykvj! vjg!Fkuvtkev!ctg!uwej! vjcv-! kh!gzenwfgf-!vjg!hkpcpekcn!uvcvgogpvu!qh!vjg!Fkuvtkev!yqwnf!dg!eqpukfgtgf!kpeqorngvg!qt!okungcfkpi/!!Vjgtg!ctg!pq!gpvkvkgu!eqpukfgtgf!vq!dg!eqorqpgpv!wpkvu!qh!vjg!Fkuvtkev=!vjgtghqtg-!vjg!hkpcpekcn!uvcvgogpvu!kpenwfg!qpn{!vjg!qrgtcvkqpu!qh!vjg!Fkuvtkev/!!!NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Government-Wide and Fund Financial StatementsVjg!dcuke!hkpcpekcn!uvcvgogpvu!kpenwfg!dqvj!iqxgtpogpv.ykfg!cpf!hwpf!hkpcpekcn!uvcvgogpvu/!!Vjg!iqxgtpogpv.ykfg!hkpcpekcn!uvcvgogpvu!)k/g/-!vjg!uvcvgogpv!qh!pgv!rqukvkqp!cpf!vjg!uvcvgogpv!qh!cevkxkvkgu*!tgrqtv!kphqtocvkqp!qp!cnn!qh!vjg!pqp.hkfwekct{!cevkxkvkgu!qh!vjg!rtkoct{!iqxgtpogpv/!Hqt!vjg!oquv!rctv-!vjg!ghhgev!qh!kpvgthwpf!cevkxkv{!jcu!dggp!tgoqxgf!htqo!vjgug!uvcvgogpvu/!!!!Vjg!uvcvgogpv!qh!cevkxkvkgu!fgoqpuvtcvgu! vjg!fgitgg! vq!yjkej!vjg!fktgev!gzrgpugu!qh!c!ikxgp!hwpevkqp!qt!ugiogpv!ku!qhhugv!d{!rtqitco!tgxgpwgu/!!Direct expenses!ctg!vjqug!vjcv!ctg!engctn{!kfgpvkhkcdng!ykvj!c!urgekhke!hwpevkqp!qt!ugiogpv/!Program revenues!kpenwfg!2*!ejctigu!vq!ewuvqogtu!yjq!rwtejcug-!wug!qt!fktgevn{!dgpghkv!htqo! iqqfu-! ugtxkegu! qt! rtkxkngigu! rtqxkfgf! d{! c! ikxgp! hwpevkqp! qt! ugiogpv/! Qrgtcvkpi.v{rg! urgekcn!cuuguuogpvu! hqt! ockpvgpcpeg! cpf! fgdv! ugtxkeg! ctg! vtgcvgf! cu! ejctigu! hqt! ugtxkegu! cpf! 3*! itcpvu! cpf!eqpvtkdwvkqpu!vjcv!ctg!tguvtkevgf!vq!oggvkpi!vjg!qrgtcvkqpcn!qt!ecrkvcn!tgswktgogpvu!qh!c!rctvkewnct!hwpevkqp!qt!ugiogpv/!Qvjgt!kvgou!pqv!kpenwfgf!coqpi!rtqitco!tgxgpwgu!ctg!tgrqtvgf!kpuvgcf!cu!general revenues/!
25!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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26!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
!New Accounting Standards AdoptedFwtkpi!hkuecn!{gct!3127-!vjg!Fkuvtkev!cfqrvgf!vjtgg!pgy!ceeqwpvkpi!uvcpfctfu!cu!hqnnqyu<!!ICUD!83-!Fair Value Measurement and ApplicationVjg!Uvcvgogpv! kortqxgu! hkpcpekcn! tgrqtvkpi!d{!enctkh{kpi! vjg!fghkpkvkqp!qh! hckt!xcnwg! hqt! hkpcpekcn! tgrqtvkpi!rwtrqugu-!guvcdnkujkpi!igpgtcn!rtkpekrngu!hqt!ogcuwtkpi!hckt!xcnwg-!rtqxkfkpi!cffkvkqpcn!hckt!xcnwg!crrnkecvkqp!iwkfcpeg-!cpf!gpjcpekpi!fkuenquwtgu!cdqwv!hckt!xcnwg!ogcuwtgogpvu/!Vjgug!kortqxgogpvu!ctg!dcugf!kp!rctv!qp! vjg!eqpegrvu!cpf!fghkpkvkqpu!guvcdnkujgf! kp!Eqpegrvu!Uvcvgogpv!Pq/!7-!Measurement of Elements ofFinancial Statements, cpf!qvjgt!tgngxcpv!nkvgtcvwtg/!!
ICUD!87!.!The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments
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!ICUD!8;!.!Certain External Investment Pools and Pool ParticipantsVjku!Uvcvgogpv!guvcdnkujgu!ceeqwpvkpi!cpf!hkpcpekcn!tgrqtvkpi!uvcpfctfu!hqt!swcnkh{kpi!gzvgtpcn!kpxguvogpv!rqqnu!vjcv!gngev!vq!ogcuwtg!hqt!hkpcpekcn!tgrqtvkpi!rwtrqugu!cnn!qh!vjgkt!kpxguvogpvu!cv!coqtvk|gf!equv/!Vjku!Uvcvgogpv!cnuq!guvcdnkujgu!ceeqwpvkpi!cpf!hkpcpekcn!tgrqtvkpi!uvcpfctfu!hqt!uvcvg!cpf!nqecn!iqxgtpogpvu!vjcv!rctvkekrcvg!kp!c!swcnkh{kpi!gzvgtpcn!kpxguvogpv!rqqn!vjcv!ogcuwtgu!hqt!hkpcpekcn!tgrqtvkpi!rwtrqugu!cnn!qh!kvu!kpxguvogpvu!cv!coqtvk|gf!equv/!
!Assets, Liabilities and Net Position or Equity!Tguvtkevgf!Cuugvu!Vjgug!cuugvu!tgrtgugpv!ecuj!cpf!kpxguvogpvu!ugv!cukfg!rwtuwcpv!vq!Dqpf!eqxgpcpvu!qt!qvjgt!eqpvtcevwcn!tguvtkevkqpu/!!!!Fgrqukvu!cpf!Kpxguvogpvu!Vjg!Fkuvtkev�u!ecuj!cpf!ecuj!gswkxcngpvu!ctg!eqpukfgtgf!vq!dg!ecuj!qp!jcpf!cpf!fgocpf!fgrqukvu!)kpvgtguv!cpf!pqp.kpvgtguv!dgctkpi*/!!Vjg!Fkuvtkev!jcu!gngevgf!vq!rtqeggf!wpfgt!vjg!Cnvgtpcvkxg!Kpxguvogpv!Iwkfgnkpgu!cu!ugv!hqtvj!kp!Ugevkqp!329/526!)28*!Hnqtkfc!Uvcvwvgu/!!Vjg!Fkuvtkev!oc{!kpxguv!cp{!uwtrnwu!rwdnke!hwpfu!kp!vjg!hqnnqykpi<!!
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e*! Kpvgtguv!dgctkpi!vkog!fgrqukvu!qt!ucxkpiu!ceeqwpvu!kp!swcnkhkgf!rwdnke!fgrqukvqtkgu=!f*! Fktgev!qdnkicvkqpu!qh!vjg!W/U/!Vtgcuwt{/!
!Ugewtkvkgu!nkuvgf!kp!rctcitcrj!e!cpf!f!ujcnn!dg!kpxguvgf!vq!rtqxkfg!uwhhkekgpv!nkswkfkv{!vq!rc{!qdnkicvkqpu!cu!vjg{!eqog!fwg/!!!
!Vjg!Fkuvtkev!tgeqtfu!cnn!kpvgtguv!tgxgpwg!tgncvgf!vq!kpxguvogpv!cevkxkvkgu!kp!vjg!tgurgevkxg!hwpfu/!!Kpxguvogpvu!ctg!ogcuwtgf! cv!coqtvk|gf!equv!qt! tgrqtvgf!cv! hckt! xcnwg!cu! tgswktgf!d{!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu/!!!!!Kpxgpvqtkgu!cpf!Rtgrckf!Kvgou!Kpxgpvqtkgu!qh!iqxgtpogpvcn!hwpfu!ctg!tgeqtfgf!cu!gzrgpfkvwtgu!yjgp!eqpuwogf!tcvjgt!vjcp!yjgp!rwtejcugf/!!Egtvckp!rc{ogpvu!vq!xgpfqtu!tghngev!equvu!crrnkecdng!vq!hwvwtg!ceeqwpvkpi!rgtkqfu!cpf!ctg!tgeqtfgf!cu!rtgrckf!kvgou!kp!dqvj!iqxgtpogpv.ykfg!cpf!hwpf!hkpcpekcn!uvcvgogpvu/!
27!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued)
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!
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28!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued)!Hwpf!Gswkv{0Pgv!Rqukvkqp!)Eqpvkpwgf*Vjg!Fkuvtkev!ecp!guvcdnkuj!nkokvcvkqpu!qp!vjg!wug!qh!hwpf!dcncpeg!cu!hqnnqyu<!!!
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NOTE 3 – BUDGETARY INFORMATION
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29!
NOTE 4 – DEPOSITS AND INVESTMENTS!!Deposits!Vjg!Fkuvtkev�u!ecuj!dcncpegu!ygtg!gpvktgn{!eqxgtgf!d{!hgfgtcn!fgrqukvqt{!kpuwtcpeg!qt!d{!c!eqnncvgtcn!rqqn!rngfigf!vq!vjg!Uvcvg!Vtgcuwtgt/!!Hnqtkfc!Uvcvwvgu!Ejcrvgt!391-!#Hnqtkfc!Ugewtkv{!hqt!Rwdnke!Fgrqukvu!Cev#-!tgswktgu!cnn!swcnkhkgf!fgrqukvqtkgu!vq!fgrqukv!ykvj!vjg!Vtgcuwtgt!qt!cpqvjgt!dcpmkpi!kpuvkvwvkqp!gnkikdng!eqnncvgtcn!gswcn!vq!xctkqwu!rgtegpvcigu!qh!vjg!cxgtcig!fckn{!dcncpeg!hqt!gcej!oqpvj!qh!cnn!rwdnke!fgrqukvu!kp!gzeguu!qh!cp{!crrnkecdng!fgrqukv!kpuwtcpeg!jgnf/!!Vjg!rgtegpvcig!qh!gnkikdng!eqnncvgtcn!)igpgtcnn{-!W/U/!Iqxgtpogpvcn!cpf!cigpe{!ugewtkvkgu-!uvcvg!qt!nqecn!iqxgtpogpv!fgdv-!qt!eqtrqtcvg!dqpfu*!vq!rwdnke!fgrqukvu!ku!fgrgpfgpv!wrqp!vjg!fgrqukvqt{(u!hkpcpekcn!jkuvqt{!cpf!kvu!eqornkcpeg!ykvj!Ejcrvgt!391/!!Kp!vjg!gxgpv!qh!c!hcknwtg!qh!c!swcnkhkgf!rwdnke!fgrqukvqt{-!vjg!tgockpkpi!rwdnke!fgrqukvqtkgu!yqwnf!dg!tgurqpukdng!hqt!eqxgtkpi!cp{!tguwnvkpi!nquugu/!
Investments!Vjg!Fkuvtkev�u!kpxguvogpvu!ygtg!jgnf!cu!hqnnqyu!cv!Ugrvgodgt!41-!3127<!!
Coqtvk|gf!Equv Etgfkv!Tkum Ocvwtkvkgu
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!!
Credit risk – Hqt!kpxguvogpvu-!etgfkv!tkum!ku!igpgtcnn{!vjg!tkum!vjcv!cp!kuuwgt!qh!cp!kpxguvogpv!yknn!pqv!hwnhknn!kvu!qdnkicvkqp!vq!vjg!jqnfgt!qh!vjg!kpxguvogpv/!!Vjku!ku!ogcuwtgf!d{!vjg!cuukipogpv!qh!c!tcvkpi!d{!c!pcvkqpcnn{!tgeqipk|gf!uvcvkuvkecn!tcvkpi!qticpk|cvkqp/!!Kpxguvogpv!tcvkpiu!d{!kpxguvogpv!v{rg!ctg!kpenwfgf!kp!vjg!rtgegfkpi!uwooct{!qh!kpxguvogpvu/!
Concentration risk – Vjg!Fkuvtkev!rncegu!pq!nkokv!qp!vjg!coqwpv!vjg!Fkuvtkev!oc{!kpxguv!kp!cp{!qpg!kuuwgt/!!!!Interest rate risk – Vjg!Fkuvtkev!fqgu!pqv!jcxg!c!hqtocn!rqnke{!vjcv!nkokvu!kpxguvogpv!ocvwtkvkgu!cu!c!ogcpu!qh!ocpcikpi!gzrquwtg!vq!hckt!xcnwg!nquugu!ctkukpi!htqo!kpetgcukpi!kpvgtguv!tcvgu/!!!!Jqygxgt-!vjg!Dqpf!Kpfgpvwtg!nkokvu!vjg!v{rg!qh!kpxguvogpvu!jgnf!wukpi!wpurgpv!rtqeggfu/!
Fair Value Measurement – Yjgp!crrnkecdng-!vjg!Fkuvtkev!ogcuwtgu!cpf!tgeqtfu!kvu!kpxguvogpvu!wukpi!hckt!xcnwg!ogcuwtgogpv!iwkfgnkpgu!guvcdnkujgf!kp!ceeqtfcpeg!ykvj!ICUD!Uvcvgogpvu/!!Vjg!htcogyqtm!hqt!ogcuwtkpi!hckt!xcnwg!rtqxkfgu!c!hckt!xcnwg!jkgtctej{!vjcv!rtkqtkvk|gu!vjg!kprwvu!vq!xcnwcvkqp!vgejpkswgu/!!!Vjgug!iwkfgnkpgu!tgeqipk|g!c!vjtgg.vkgtgf!hckt!xcnwg!jkgtctej{-!kp!qtfgt!qh!jkijguv!rtkqtkv{-!cu!hqnnqyu<!!
"! Level 1: Kpxguvogpvu!yjqug!xcnwgu!ctg!dcugf!qp!wpcflwuvgf!swqvgf!rtkegu!hqt!kfgpvkecn!kpxguvogpvu!kp!cevkxg!octmgvu!vjcv!vjg!Fkuvtkev!jcu!vjg!cdknkv{!vq!ceeguu=!
"! Level 2:!!Kpxguvogpvu!yjqug!!kprwvu!.!qvjgt!vjcp!swqvgf!octmgv!rtkegu!.!ctg!qdugtxcdng!gkvjgt!fktgevn{!qt!kpfktgevn{=!cpf-!
"! Level 3:!!Kpxguvogpvu!yjqug!kprwvu!ctg!wpqdugtxcdng/!!Vjg!hckt!xcnwg!ogcuwtgogpv!ngxgn!ykvjkp!vjg!hckt!xcnwg!jkgtctej{!ku!dcugf!qp!vjg!nqyguv!ngxgn!qh!cp{!kprwv!vjcv!ku!ukipkhkecpv! vq! vjg!gpvktg! hckt!xcnwg!ogcuwtgogpv/!Xcnwcvkqp! vgejpkswgu!wugf!ujqwnf!oczkok|g! vjg!wug!qh!qdugtxcdng!kprwvu!cpf!okpkok|g!vjg!wug!qh!wpqdugtxcdng!kprwvu/!!Oqpg{!octmgv!kpxguvogpvu!vjcv!jcxg!c!ocvwtkv{!cv!vjg!vkog!qh!rwtejcug!qh!qpg!{gct!qt!nguu!cpf!ctg!jgnf!d{!iqxgtpogpvu!qvjgt!vjcp!gzvgtpcn!kpxguvogpv!rqqnu!ujqwnf!dg!ogcuwtgf!cv!coqtvk|gf!equv/!Ceeqtfkpin{-!vjg!Fkuvtkev�u!kpxguvogpvu!jcxg!dggp!tgrqtvgf!cv!coqtvk|gf!equv!cdqxg/!!!
2;!
NOTE 5 � CAPITAL ASSETS!
!Ecrkvcn!cuugv!cevkxkv{!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127!ycu!cu!hqnnqyu<!!!
Dgikppkpi!
Dcncpeg Cffkvkqpu Tgfwevkqpu
Gpfkpi!!!!!!!!
Dcncpeg
Iqxgtpogpvcn!cevkxkvkgu
Ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf
Kphtcuvtwevwtg! .%!!!!!!!!!!!!! 9-348-619%!!!!!! .%!!!!!!!!!!!!!!!! 9-348-619%!!!!!!
Vqvcn!ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf .!!!!!!!!!!!!!!! 9-348-619!!!!!!!! .!!!!!!!!!!!!!!!!! 9-348-619!!!!!!!!
Vqvcn!ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf-!pgv .!!!!!!!!!!!!!!! 9-348-619!!!!!!!! .!!!!!!!!!!!!!!!!! 9-348-619!!!!!!!!
Iqxgtpogpvcn!cevkxkvkgu!ecrkvcn!cuugvu-!pgv .%!!!!!!!!!!!!! 9-348-619%!!!!!! .%!!!!!!!!!!!!!!!! 9-348-619%!!!!!!
!!Vjg!Fkuvtkev�u!Ecrkvcn!Kortqxgogpv!Rtqlgev!)vjg!�EKR�*!ku!guvkocvgf!vq!equv!crrtqzkocvgn{!%46/5!oknnkqp!cpf!kpenwfgu!qp.ukvg!cpf!qhh.ukvg!rwdnke!tqcfyc{u-!uvqto!ycvgt!ocpcigogpv!u{uvgou-!gngevtkecn!ugtxkeg!u{uvgou-!wvknkv{!u{uvgou-!eqpugtxcvkqpu!okvkicvkqp-!ncpfuecrkpi-!kttkicvkqp-!jctfuecrg-!rtqh/!hggu!cpf!eqpvkpigpe{/!Vjg!Ecrkvcn!kortqxgogpvu!fguetkdgf!ctg!gzrgevgf!vq!dg!ocfg!kp!ownvkrng!rjcugu!qxgt!vkog/!Kpkvkcn!kphtcuvtwevwtg!rtqlgev!qh!vjg!EKR!kpenwfgu!vjg!rwdnke!kphtcuvtwevwtg!eqorqpgpvu!qh!Rjcugu!2!'!3!qh!vjg!Fgxgnqrogpv!kp!vjg!crrtqz/!coqwpv!qh!%24!oknnkqp!)vjg!#Ugtkgu!3127!Rtqlgev#*/!Rtqeggfu!qh!vjg!Ugtkgu!3127!Dqpfu!kuuwgf!kp!vjg!ewttgpv!hkuecn!{gct!ctg!dgkpi!wvknk|gf!vq!ceswktg-!eqpuvtwev-!kpuvcnn!cpf0qt!gswkr!vjg!Ugtkgu!3127!Rtqlgev!cu!kv!ku!eqorngvgf/!Vjg!Fgxgnqrgt!guvkocvgu!kv!jcu!gzrgpfgf!crrtqz/!%21/;!oknnkqp!vqyctfu!vjg!Ugtkgu!3127!Rtqlgev!rtkqt!vq!vjg!kuuwcpeg!qh!vjg!Ugtkgu!3127!Dqpfu/!Vjg!Fgxgnqrgt!guvkocvgu!kv!jcu!gzrgpfgf!cp!cffkvkqpcn!%;/8!oknnkqp!kp!cffkvkqpcn!fgxgnqrogpv.tgncvgf!gzrgpfkvwtgu!vjcv!ctg!pqv!kpenwfgf!cu!rctv!qh!vjg!EKR/!!!Cv!vjg!vkog!qh!kuuwcpeg!qh!vjg!Ugtkgu!3127!Dqpfu-!kv!ycu!cpvkekrcvgf!vjcv!vjg!Fkuvtkev!yknn!kuuwg!qpg!qt!oqtg!cffkvkqpcn!ugtkgu!qh!dqpfu!kp!vjg!guvkocvgf!rtkpekrcn!coqwpv!qh!%24!oknnkqp!vq!hwpf!cp!guvkocvgf!%22!oknnkqp!qh!cffkvkqpcn!rqtvkqpu!qh!vjg!EKR/!Vjg!tgockpfgt!qh!vjg!EKR!pqv!hwpfgf!ykvj!rtqeggfu!qh!vjg!Ugtkgu!3127!Dqpfu!qt!c!hwvwtg!ugtkgu!qh!dqpfu-!yknn!dg!hwpfgf!ykvj!vjg!Egpvgppkcn!Nqcp!)fghkpgf!jgtgkp*-!rtqeggfu!htqo!nqv!ucngu!cpf!gswkv{!eqpvtkdwvkqpu!d{!vjg!Fgxgnqrgt!)ugg!#Vjg!Fgxgnqrogpv!.!Ncpf!Ceswkukvkqp0Fgxgnqrogpv!Hkpcpekpi#*/!!Vjg!Fkuvtkev!cpvkekrcvgu!vjcv!vjg!tgockpkpi!kphtcuvtwevwtg!kortqxgogpvu!hqt!vjg!Fkuvtkev!yknn!dg!eqorngvgf!fwtkpi!c!uwdugswgpv!hkuecn!{gct/!!!!NOTE 6 – LONG TERM LIABILITIES
Series 2016Kp!Cwiwuv!29!3127-!vjg!Fkuvtkev!kuuwgf!%26-661-111!qh!Ecrkvcn!Kortqxgogpv!Tgxgpwg!Dqpfu/!Vjg!Ugtkgu!3127!eqpukuvu!qh!%8-441-111!yjkej!ku!fwg!qp!Oc{!2-!3147!ykvj!hkzgf!kpvgtguv!tcvg!qh!5/611&!cpf!%9-331-111!fwg!qp!Oc{!2-!3158!ykvj!hkzgf!kpvgtguv!tcvg!qh!5/736&/!Vjg!Dqpfu!ygtg!kuuwgf!vq!rtqxkfg!hwpfu!hqt!vjg!equvu!qh!ceswktkpi-!eqpuvtwevkpi!cpf!gswkrrkpi!cuuguucdng!kortqxgogpvu!qh!vjg!EKR/!Kpvgtguv!ku!vq!dg!rckf!ugokcppwcnn{!qp!gcej!Oc{!2!cpf!Pqxgodgt!2-!eqoogpekpi!Pqxgodgt!2-!3127/!!Rtkpekrcn!qp!vjg!Dqpfu!ku!vq!dg!rckf!ugtkcnn{!eqoogpekpi!Oc{!2-!3129!vjtqwij!Oc{!2-!3158/!!Vjg!Ugtkgu!3127!Dqpfu!oc{!dg!ecnngf!hqt!tgfgorvkqp!rtkqt!vq!ocvwtkv{!cu!c!yjqng!qt!kp!rctv!qp!qt!chvgt!Oc{!2-!3137/!Vjg!Dqpfu!ctg!cnuq!uwdlgev!vq!gzvtcqtfkpct{!ocpfcvqt{!tgfgorvkqp!rtkqt!vq!ocvwtkv{!kp!vjg!ocppgt!fgvgtokpgf!d{!vjg!Dqpf!Tgikuvtct!kh!egtvckp!gxgpvu!qeewt!cu!qwvnkpgf!kp!vjg!Dqpf!Kpfgpvwtg/!!Vjg! Dqpf! Kpfgpvwtg! guvcdnkujgf! c! fgdv! ugtxkeg! tgugtxg! tgswktgogpv! cu! ygnn! cu! qvjgt! tguvtkevkqpu! cpf!tgswktgogpvu!tgncvkpi!rtkpekrcnn{!vq!vjg!wug!qh!rtqeggfu!vq!rc{!hqt!vjg!kphtcuvtwevwtg!kortqxgogpvu!cpf!vjg!rtqegfwtgu!vq!dg!hqnnqygf!d{!vjg!Fkuvtkev!qp!cuuguuogpvu!vq!rtqrgtv{!qypgtu/!!Vjg!Fkuvtkev!citggu!vq!ngx{!urgekcn!cuuguuogpvu!kp!cppwcn!coqwpvu!cfgswcvg!vq!rtqxkfg!rc{ogpv!qh!fgdv!ugtxkeg!cpf!vq!oggv!vjg!tgugtxg!tgswktgogpvu/!Vjg!Fkuvtkev!ycu!kp!eqornkcpeg!ykvj!vjg!tgswktgogpvu!cv!Ugrvgodgt!41-!3127/!
31!
NOTE 6 – LONG TERM LIABILITIES (Continued)
Long-term Debt ActivityEjcpigu!kp!nqpi.vgto!nkcdknkv{!cevkxkv{!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127!ygtg!cu!hqnnqyu<!
Dgikppkpi!
Dcncpeg Cffkvkqpu Tgfwevkqpu
Gpfkpi!!!!!!!
Dcncpeg
Fwg!Ykvjkp!
Qpg![gct
Iqxgtpogpvcn!cevkxkvkgu
Ugtkgu!3127 .%!!!!!!!!!!!!!!! 26-661-111%!!! .%!!!!!!!!!!!!!!! 26-661-111%!!! .%!!!!!!!!!!!!!!!
Nguu!Dqpf!fkueqwpv .!!!!!!!!!!!!!!!!! )232-791*!!!!!!!!! .!!!!!!!!!!!!!!!!! )232-791*!!!!!!!!! .!!!!!!!!!!!!!!!!!
Vqvcn .%!!!!!!!!!!!!!!! 26-539-431%!!! .%!!!!!!!!!!!!!!! 26-539-431%!!! .%!!!!!!!!!!!!!!!
!Cv!Ugrvgodgt!41-!3127-!vjg!uejgfwngf!fgdv!ugtxkeg!tgswktgogpvu!qp!vjg!nqpi.vgto!fgdv!ygtg!cu!hqnnqyu<
!
[gct!gpfkpi!
Ugrvgodgt!41< !Rtkpekrcn! !Kpvgtguv! Vqvcn
3128 .%!!!!!!!!!!!!!!!!! 5;9-;;1%!!!!!!!!!! 5;9-;;1%!!!!!!!!!!
3129 361-111!!!!!!!!!!! 821-136!!!!!!!!!!! ;71-136!!!!!!!!!!!
312; 371-111!!!!!!!!!!! 7;9-886!!!!!!!!!!! ;69-886!!!!!!!!!!!
3131 386-111!!!!!!!!!!! 798-186!!!!!!!!!!! ;73-186!!!!!!!!!!!
3132 396-111!!!!!!!!!!! 785-811!!!!!!!!!!! ;6;-811!!!!!!!!!!!
3133.3137 2-746-111!!!!!!!!! 4-279-411!!!!!!!!! 5-914-411!!!!!!!!!
3138.3142 3-166-111!!!!!!!!! 3-876-211!!!!!!!!! 5-931-211!!!!!!!!!
3143.3147 3-681-111!!!!!!!!! 3-368-;61!!!!!!!!! 5-938-;61!!!!!!!!!
3148.3152 4-336-111!!!!!!!!! 2-727-549!!!!!!!!! 5-952-549!!!!!!!!!
3153.3157 5-176-111!!!!!!!!! 8;7-536!!!!!!!!!!! 5-972-536!!!!!!!!!
3158 ;41-111!!!!!!!!!!! 54-124!!!!!!!!!!!!! ;84-124!!!!!!!!!!!
Vqvcn 26-661-111%!!!!! 24-;27-8;2%!!!!! 3;-577-8;2%!!!!!
Iqxgtpogpvcn!Cevkxkvkgu
!!
NOTE 7 – DEVELOPER TRANSACTIONS AND CONCENTRATION!!Vjg!Fgxgnqrgt!jcu!citggf!vq!hwpf!vjg!igpgtcn!qrgtcvkqpu!qh!vjg!Fkuvtkev/!!Kp!eqppgevkqp!ykvj!vjcv!citggogpv-!Fgxgnqrgt! eqpvtkdwvkqpu! vq! vjg! igpgtcn! hwpf! ygtg! %266-125/! Kp! cffkvkqp! vjgtg! ctg! coqwpvu! fwg! vq! vjg!Fgxgnqrgt!cv!{gct!gpf/!!Vjg!Fkuvtkev�u!cevkxkv{!ku!fgrgpfgpv!wrqp!vjg!eqpvkpwgf!kpxqnxgogpv!qh!vjg!Fgxgnqrgt-!vjg!nquu!qh!yjkej!yqwnf!jcxg!c!ocvgtkcn!cfxgtug!ghhgev!qp!vjg!Fkuvtkev�u!qrgtcvkqpu/!!!
NOTE 8 – DEFICIT NET POSITION
Vjg!Fkuvtkev!jcu!c!iqxgtpogpv.ykfg!pgv!rqukvkqp!)fghkekv*!qh!)%72;-783*!cu!qh!Ugrvgodgt!41-!3127/!Vjgtg!ku!pq!uwej!fghkekv!tghngevgf!kp!vjg!iqxgtpogpvcn!hwpf!uvcvgogpvu/!Vjg!fghkekv!rtkoctkn{!tgncvgu!vq!ecrkvcn!qwvnc{!yjkej!jcu!dggp!hkpcpegf!vjtqwij!vjg!kuuwcpeg!qh!nqpi!vgto!fgdv/!
NOTE 9 –!MANAGEMENT COMPANY!!Vjg!Fkuvtkev!jcu!eqpvtcevgf!ykvj!c!ocpcigogpv!eqorcp{!vq!rgthqto!ocpcigogpv!cfxkuqt{!ugtxkegu-!yjkej!kpenwfg!hkpcpekcn!cpf!ceeqwpvkpi!cfxkuqt{!ugtxkegu/!Egtvckp!gornq{ggu!qh!vjg!ocpcigogpv!eqorcp{!cnuq!ugtxg!cu!qhhkegtu!)Dqctf!crrqkpvgf!pqp.xqvkpi!rqukvkqpu*!qh!vjg!Fkuvtkev/!Wpfgt!vjg!citggogpv-!vjg!Fkuvtkev!eqorgpucvgu! vjg! ocpcigogpv! eqorcp{! hqt! ocpcigogpv-! ceeqwpvkpi-! hkpcpekcn! tgrqtvkpi-! cpf! qvjgt!cfokpkuvtcvkxg!equvu/!
NOTE 10 – RISK MANAGEMENT!!Vjg!Fkuvtkev!ku!gzrqugf!vq!xctkqwu!tkumu!qh!nquu!tgncvgf!vq!vqtvu=!vjghv!qh-!fcocig!vq-!cpf!fguvtwevkqp!qh!cuugvu=!gttqtu!cpf!qokuukqpu=!cpf!pcvwtcn!fkucuvgtu/!Vjg!Fkuvtkev!jcu!qdvckpgf!eqoogtekcn!kpuwtcpeg!htqo!kpfgrgpfgpv!vjktf!rctvkgu!vq!okvkicvg!vjg!equvu!qh!vjgug!tkumu=!eqxgtcig!oc{!pqv!gzvgpf!vq!cnn!ukvwcvkqpu/!Vjgtg!ygtg!pq!ugvvngf!enckou!ukpeg!kpegrvkqp!qh!vjg!Fkuvtkev/!
32!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND
FOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015TO SEPTEMBER 30, 2016
Qtkikpcn Hkpcn
TGXGPWGU
Fgxgnqrgt!eqpvtkdwvkqpu 225-648%!!!! 347-22;%!!!! 266-125%!!!! )92-216*%!!!!!!
Vqvcn!tgxgpwgu 225-648!!!!!! 347-22;!!!!!! 266-125!!!!!! )92-216*!!!!!!!!
GZRGPFKVWTGU
Ewttgpv<
Igpgtcn!iqxgtpogpv 225-648 347-22;!!!!!! 25;-;46!!!!!! 97-295
Vqvcn!gzrgpfkvwtgu 225-648!!!!!! 347-22;!!!!!! 25;-;46!!!!!! 97-295!!!!!!!!!
Gzeguu!)fghkekgpe{*!qh!tgxgpwgu
!!!!!!!!!!!!qxgt!)wpfgt*!gzrgpfkvwtgu .%!!!!!!!!!!! .%!!!!!!!!!!! 6-18;!!!!!!!!! 6-18;%!!!!!!!!!
Hwpf!dcncpeg!.!dgikppkpi .!!!!!!!!!!!!!
Hwpf!dcncpeg!.!gpfkpi 6-18;%!!!!!!!
Dwfigvgf!Coqwpvu
Xctkcpeg!ykvj!
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)Pgicvkxg*
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!!!!!!!!!!!!!!!!!!!!!!!
Ugg!pqvgu!vq!tgswktgf!uwrrngogpvct{!kphqtocvkqp!
33!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
Vjg!Fkuvtkev!ku!tgswktgf!vq!guvcdnkuj!c!dwfigvct{!u{uvgo!cpf!cp!crrtqxgf!Cppwcn!Dwfigv!hqt!vjg!Igpgtcn!Hwpf/!Vjg!Fkuvtkev�u!dwfigvkpi!rtqeguu!ku!dcugf!qp!guvkocvgu!qh!ecuj!tgegkrvu!cpf!ecuj!gzrgpfkvwtgu!yjkej!ctg!crrtqxgf!d{!vjg!Dqctf/!!Vjg!dwfigv!crrtqzkocvgu!c!dcuku!eqpukuvgpv!ykvj!ceeqwpvkpi!rtkpekrngu!igpgtcnn{!ceegrvgf!kp!vjg!Wpkvgf!Uvcvgu!qh!Cogtkec!)igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu*/!!Vjg! ngicn! ngxgn! qh! dwfigvct{! eqpvtqn-! vjg! ngxgn! cv! yjkej! gzrgpfkvwtgu! oc{! pqv! gzeggf! dwfigv-! ku! kp! vjg!ciitgicvg/!!Cp{!dwfigv!cogpfogpvu!vjcv!kpetgcug!vjg!ciitgicvg!dwfigvgf!crrtqrtkcvkqpu!owuv!dg!crrtqxgf!d{!vjg!Dqctf!qh!Uwrgtxkuqtu/!Vjg!igpgtcn!hwpf!dwfigv!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127!ycu!cogpfgf!vq!kpetgcug!tgxgpwgu!cpf!crrtqrtkcvkqpu!d{!%232-693/!!Cevwcn!igpgtcn!hwpf!gzrgpfkvwtgu!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127-!ygtg!nguu!vjcp!crrtqrtkcvkqpu!fwg!rtkoctkn{!vq!cpvkekrcvgf!equvu!yjkej!ygtg!pqv!kpewttgf!kp!vjg!ewttgpv!hkuecn!{gct/!!Ceeqtfkpin{-!Fgxgnqrgt!eqpvtkdwvkqpu!ygtg!nguu!vjcp!dwfigvgf!coqwpvu/!!!
!
!
3811!Pqtvj!Oknkvct{!Vtckn!#!Uwkvg!461!!!!Dqec!Tcvqp-!Hnqtkfc!!!44542!!!!)672*!;;5.;3;;!#!)911*!3;;.5839!!!!Hcz!!)672*!;;5.6934!!!!yyy/itcwerc/eqo!
34!
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITHGOVERNMENT AUDITING STANDARDS
Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Quegqnc!Eqwpv{-!Hnqtkfc!!Yg!jcxg!cwfkvgf-! kp!ceeqtfcpeg!ykvj! vjg!cwfkvkpi!uvcpfctfu!igpgtcnn{!ceegrvgf! kp! vjg!Wpkvgf!Uvcvgu!qh!Cogtkec!cpf!vjg!uvcpfctfu!crrnkecdng!vq!hkpcpekcn!cwfkvu!eqpvckpgf!kp!Government Auditing Standards!kuuwgf!d{!vjg!Eqorvtqnngt!Igpgtcn!qh!vjg!Wpkvgf!Uvcvgu-!vjg!hkpcpekcn!uvcvgogpvu!qh!vjg!iqxgtpogpvcn!cevkxkvkgu!cpf!gcej!oclqt!hwpf!qh!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!!Eqwpv{-!Hnqtkfc!)�Fkuvtkev�*!cu!qh!cpf!hqt! vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127-!cpf!vjg!tgncvgf!pqvgu!vq!vjg!hkpcpekcn!uvcvgogpvu-!yjkej!eqnngevkxgn{!eqortkug!vjg!Fkuvtkev�u!dcuke!hkpcpekcn!uvcvgogpvu-!cpf!jcxg!kuuwgf!qwt!qrkpkqp!vjgtgqp!fcvgf!Lwpg!38-!3128/!!Internal Control Over Financial Reporting
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C!deficiency in internal control!gzkuvu!yjgp!vjg!fgukip!qt!qrgtcvkqp!qh!c!eqpvtqn!fqgu!pqv!cnnqy!ocpcigogpv!qt!gornq{ggu-!kp!vjg!pqtocn!eqwtug!qh!rgthqtokpi!vjgkt!cuukipgf!hwpevkqpu-!vq!rtgxgpv-!qt!fgvgev!cpf!eqttgev!okuuvcvgogpvu!qp!c!vkogn{!dcuku/!C!material weakness!ku!c!fghkekgpe{-!qt!c!eqodkpcvkqp!qh!fghkekgpekgu-!kp!kpvgtpcn!eqpvtqn-!uwej!vjcv!vjgtg!ku!c!tgcuqpcdng!rquukdknkv{!vjcv!c!ocvgtkcn!okuuvcvgogpv!qh!vjg!gpvkv{�u!hkpcpekcn!uvcvgogpvu!yknn!pqv!dg!rtgxgpvgf-!qt!fgvgevgf!cpf!eqttgevgf!qp!c!vkogn{!dcuku/!C!significant deficiency!ku!c!fghkekgpe{-!qt!c!eqodkpcvkqp!qh!fghkekgpekgu-!kp!kpvgtpcn!eqpvtqn!vjcv!ku!nguu!ugxgtg!vjcp!c!ocvgtkcn!ygcmpguu-!{gv!korqtvcpv!gpqwij!vq!ogtkv!cvvgpvkqp!d{!vjqug!ejctigf!ykvj!iqxgtpcpeg/!!
Qwt!eqpukfgtcvkqp!qh!kpvgtpcn!eqpvtqn!ycu!hqt!vjg!nkokvgf!rwtrqug!fguetkdgf!kp!vjg!hktuv!rctcitcrj!qh!vjku!ugevkqp!cpf!ycu!pqv!fgukipgf!vq!kfgpvkh{!cnn!fghkekgpekgu!kp!kpvgtpcn!eqpvtqn!vjcv!okijv!dg!ocvgtkcn!ygcmpguugu!qt-!ukipkhkecpv!fghkekgpekgu/!Ikxgp!vjgug!nkokvcvkqpu-!fwtkpi!qwt!cwfkv!yg!fkf!pqv!kfgpvkh{!cp{!fghkekgpekgu!kp!kpvgtpcn!eqpvtqn!vjcv!yg!eqpukfgt!vq!dg!ocvgtkcn!ygcmpguugu/!Jqygxgt-!ocvgtkcn!ygcmpguugu!oc{!gzkuv!vjcv!jcxg!pqv!dggp!kfgpvkhkgf/!!!
Compliance and Other Matters !
Cu!rctv!qh!qdvckpkpi!tgcuqpcdng!cuuwtcpeg!cdqwv!yjgvjgt!vjg!Fkuvtkev�u!hkpcpekcn!uvcvgogpvu!ctg!htgg!htqo!ocvgtkcn!okuuvcvgogpv-!yg!rgthqtogf!vguvu!qh! kvu!eqornkcpeg!ykvj!egtvckp!rtqxkukqpu!qh! ncyu-!tgiwncvkqpu-!eqpvtcevu-! cpf! citggogpvu-! pqpeqornkcpeg! ykvj! yjkej! eqwnf! jcxg! c! fktgev! cpf! ocvgtkcn! ghhgev! qp! vjg!fgvgtokpcvkqp! qh! hkpcpekcn! uvcvgogpv! coqwpvu/! Jqygxgt-! rtqxkfkpi!cp! qrkpkqp!qp! eqornkcpeg!ykvj! vjqug!rtqxkukqpu!ycu!pqv!cp!qdlgevkxg!qh!qwt!cwfkv-!cpf!ceeqtfkpin{-!yg!fq!pqv!gzrtguu!uwej!cp!qrkpkqp/!!Vjg!tguwnvu!qh!qwt!vguvu!fkuenqugf!pq!kpuvcpegu!qh!pqpeqornkcpeg!qt!qvjgt!ocvvgtu!vjcv!ctg!tgswktgf!vq!dg!tgrqtvgf!wpfgt!Government Auditing Standards/!!!
35!
Purpose of this Report
Vjg!rwtrqug!qh!vjku!tgrqtv!ku!uqngn{!vq!fguetkdg!vjg!ueqrg!qh!qwt!vguvkpi!qh!kpvgtpcn!eqpvtqn!cpf!eqornkcpeg!cpf!vjg!tguwnvu!qh!vjcv!vguvkpi-!cpf!pqv!vq!rtqxkfg!cp!qrkpkqp!qp!vjg!ghhgevkxgpguu!qh!vjg!gpvkv{�u!kpvgtpcn!eqpvtqn!qt!qp!eqornkcpeg/!Vjku!tgrqtv!ku!cp!kpvgitcn!rctv!qh!cp!cwfkv!rgthqtogf!kp!ceeqtfcpeg!ykvj!Government AuditingStandards!kp!eqpukfgtkpi!vjg!gpvkv{�u!kpvgtpcn!eqpvtqn!cpf!eqornkcpeg/!Ceeqtfkpin{-!vjku!eqoowpkecvkqp!ku!pqv!uwkvcdng!hqt!cp{!qvjgt!rwtrqug/!!!
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!Lwpg!38-!3128!!
#
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36!
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THEREQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BYRULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
!Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Quegqnc!Eqwpv{-!Hnqtkfc!
Yg!jcxg!gzcokpgf!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!Eqwpv{-!Hnqtkfc�u!)�Fkuvtkev�*!eqornkcpeg!ykvj!vjg!tgswktgogpvu!qh!Ugevkqp!329/526-!Hnqtkfc!Uvcvwvgu-!kp!ceeqtfcpeg!ykvj!Twng!21/667)21*!qh!vjg!Cwfkvqt!Igpgtcn!qh!vjg!Uvcvg!qh!Hnqtkfc!fwtkpi!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127/!Ocpcigogpv!ku!tgurqpukdng!hqt!vjg!Fkuvtkev�u!eqornkcpeg!ykvj!vjqug!tgswktgogpvu/!Qwt!tgurqpukdknkv{!ku!vq!gzrtguu!cp!qrkpkqp!qp!vjg!Fkuvtkev�u!eqornkcpeg!dcugf!qp!qwt!gzcokpcvkqp/!!Qwt! gzcokpcvkqp! ycu! eqpfwevgf! kp! ceeqtfcpeg! ykvj! cvvguvcvkqp! uvcpfctfu! guvcdnkujgf! d{! vjg! Cogtkecp!Kpuvkvwvg!qh!Egtvkhkgf!Rwdnke!Ceeqwpvcpvu!cpf-!ceeqtfkpin{-!kpenwfgf!gzcokpkpi-!qp!c!vguv!dcuku-!gxkfgpeg!cdqwv!vjg!Fkuvtkev�u!eqornkcpeg!ykvj!vjqug!tgswktgogpvu!cpf!rgthqtokpi!uwej!qvjgt!rtqegfwtgu!cu!yg!eqpukfgtgf!pgeguuct{!kp!vjg!ektewouvcpegu/!Yg!dgnkgxg!vjcv!qwt!gzcokpcvkqp!rtqxkfgu!c!tgcuqpcdng!dcuku!hqt!qwt!qrkpkqp/!Qwt! gzcokpcvkqp! fqgu! pqv! rtqxkfg! c! ngicn! fgvgtokpcvkqp! qp! vjg! Fkuvtkev�u! eqornkcpeg! ykvj! urgekhkgf!tgswktgogpvu/!!Kp!qwt!qrkpkqp-!vjg!Fkuvtkev!eqornkgf-!kp!cnn!ocvgtkcn!tgurgevu-!ykvj!vjg!chqtgogpvkqpgf!tgswktgogpvu!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127/!!Vjku!tgrqtv!ku!kpvgpfgf!uqngn{!hqt!vjg!kphqtocvkqp!cpf!wug!qh!vjg!Ngikuncvkxg!Cwfkvkpi!Eqookvvgg-!ogodgtu!qh!vjg!Hnqtkfc!Ugpcvg!cpf!vjg!Hnqtkfc!Jqwug!qh!Tgrtgugpvcvkxgu-!vjg!Hnqtkfc!Cwfkvqt!Igpgtcn-!ocpcigogpv-!cpf!vjg Dqctf!qh!Uwrgtxkuqtu!qh!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!Eqwpv{-!Hnqtkfc cpf!ku!pqv!kpvgpfgf!vq!dg!cpf!ujqwnf!pqv!dg!wugf!d{!cp{qpg!qvjgt!vjcp!vjgug!urgekhkgf!rctvkgu/!!!
Lwpg!38-!3128!!
#
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37!
MANAGEMENT LETTER PURSUANT TO THE RULES OFTHE AUDITOR GENERAL FOR THE STATE OF FLORIDA!!
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Lwpg!38-!3128#
38!
REPORT TO MANAGEMENT
I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS! !
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II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS !!! P0C/!Hktuv!{gct!cwfkv/!!III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA!
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